Gold fell sharp sharply late last week and resulted in the yellow bullion reporting a 7 day loss of -2.11% as it sees its price drop from last Wednesday’s market open price of $1,849/oz to $1,810/oz at the time of writing. In the last 7 days, gold reached its high last Wednesday. On a 3 month basis, the yellow metal has increased its value by 1.00%.
Gold Price (2 months)
Source: GoldSilverPrice.eu
Silver prices dip this week as the metal reports a 7 day loss of -5.10%. In the last 7 days, silver’s price decreased from last Wednesday’s market open price of $23.92/oz to today’s price of $22.70/oz. This week, the metal’s experienced a high of $23.99/oz and a weekly low of $22.17/oz. In the last 3 months, silver prices are down a total of -5.69%.
Silver Price (2 months)
Source: GoldSilverPrice.eu
Platinum prices are up slightly this week as the metal reports a 0.97% 7 day gain. Platinum’s value increased from last Wednesday’s price of $1,028/oz to $1,038/oz at the time of writing. The weekly high was observed at $1,062/oz, the highest price in nearly 11 weeks. The weekly low was $992/oz, the lowest price in 2 weeks. On a 3 month basis, the metal is down -2.35%.
Palladium continues its tremendous gains as it posts another substantial jump of 8.60% in the last 7 days. This week, the metal increased its price from last Wednesday’s price of $2,185/oz to today’s price of $2,373/oz. The weekly high was recorded at $2,444/oz, the highest price in nearly 5 months. The weekly low was $2,173/oz, right after market open last Wednesday.
Rhodium increases its price by just 0.89% this week after seeing a near 40% jump the week prior. In the last 7 days, rhodium increased its price from $16,800/oz to $16,950/oz. The vehicle nitrogen oxide reducing metal has not recorded a negative week in more than 3 months. It is up 56.07% on a 3 months basis and down just -6.44% in the last 6 months.
Based on 2010 data, Russia is the world’s largest supplier of Palladium supplying about 40% of the world’s global supply. Currently, Russian forces have moved towards the Ukrainian border and the risk of an invasion is very present. The tensions between both countries have risen so much that the U.S. sent 3,000 troops to the Ukrainian border. This has created uncertainty around the supply of palladium and one of the factors for its immense rise as of late.
The US treasury yields continue to remain very elevated causing an outflow of cash from commodities and into the bond market. In the last 6 months, the US 10 year treasury yield has increased from 1.174% to 1.779%. Furthermore, the US Dollar Index (DXY) continues to make gains posing a threat for the dollar-denominated gold and other precious metals. The DXY has increased from 93.86 to 95.92 in the last 3 months.
